Question 30 A company has the option to invest in two different accounts: a compounded interest account that pays an annual interest rate of 2%, and a simple interest account. The bank tells the company that if they invest 4 times more in the compounded interest account than in the simple interest account, then after 13 years they will have the same value in both accounts. What is the annual rate of return (in percentage terms) in the simple interest account? Please, solve the problem by first formulating an equation/s or inequality/es. NOTE: the interest rate obtained as a solution does not need to be realistic.

Question 30 A company has the option to invest in two different accounts: a compounded interest account that pays an annual interest rate of 2%, and a simple interest account. The bank tells the company that if they invest 4 times more in the compounded interest account than in the simple interest account, then after 13 years they will have the same value in both accounts. What is the annual rate of return (in percentage terms) in the simple interest account? Please, solve the problem by first formulating an equation/s or inequality/es. NOTE: the interest rate obtained as a solution does not need to be realistic.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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